§5-1-19. Temporary loans.
The governor may raise, from time to time, by temporary loans,
not having over eighteen months to run, nor bearing a greater
interest than two cents per hundred dollars per day, so much as may
be needed to supply the wants of the treasury: Provided, That the
governor may, on or before the thirtieth day of June, one thousand
nine hundred eighty-nine, issue notes, revenue bonds, certificates
or other evidences of indebtedness of the state as provided in this
section to redeem previous liabilities for the ordinary expenses of
the state. Such notes, revenue bonds, certificates or other
evidences of indebtedness may not exceed in the aggregate the
principal sum of one hundred thirty-five million dollars and shall
provide for repayment of principal and interest in full no later
than the thirtieth day of June, one thousand nine hundred
ninety-two.

The issuance of such notes, revenue bonds, certificates or
other evidences of indebtedness shall be authorized by an executive
order, and such notes, revenue bonds, certificates or other
evidences of indebtedness shall be payable in such medium of
payment and at such place or places, within or without the state,
and may have such other terms and conditions as the governor
determines. Such notes, revenue bonds, certificates or other
evidences of indebtedness shall be signed by the governor, under
the great seal of the state, and attested by the secretary of
state. The governor and secretary of state may sign and attest such notes, revenue bonds, certificates or other evidences of
indebtedness by facsimile signature. Such notes, revenue bonds,
certificates or other evidences of indebtedness may be issued at
such interest rate or rates as the governor deems reasonable and
necessary to serve the best interests of the state and to enhance
their marketability. Such notes, revenue bonds, certificates or
other evidences of indebtedness shall be sold in such manner and on
such terms and conditions as the governor may determine to be in
the best interests of the state. Any revenue bonds issued
hereunder shall be in registered form.

The governor may enter into trust agreements with banks or
trust companies, within or without the state, and in such trust
agreements or the executive order authorizing the issuance of such
notes, revenue bonds, certificates or other evidences of
indebtedness he may enter into valid and legally binding covenants
with the holders of such notes, revenue bonds, certificates or
other evidences of indebtedness as to the custody, safekeeping and
disposition of the moneys within the "Fiscal Responsibility Fund"
hereinafter created and as to any other matters or provisions which
are deemed necessary or advisable by the governor to serve the best
interests of the state and to enhance the marketability of such
notes, revenue bonds, certificates or other evidences of
indebtedness. The governor may contract for the provision of such
professional and technical services as he may deem necessary or
advisable in connection with the issuance of such notes, revenue bonds, certificates or other evidences of indebtedness, including
without limitation accounting, actuarial, consulting, financial and
legal services. The fees and expenses of such professionals and
any and all other costs associated with the issuance of such notes,
revenue bonds, certificates or other evidences of indebtedness
shall be payable from the proceeds of such issuance.

Such notes, revenue bonds, certificates or other evidences of
indebtedness shall be and constitute negotiable instruments under
the Uniform Commercial Code of this state; shall, together with the
interest thereon, be exempt from all taxation by the state of West
Virginia, or by any county, school district, municipality or
political subdivision thereof; and such notes, revenue bonds,
certificates or other evidences of indebtedness shall not be deemed
to be general obligations or debts of the state within the meaning
of the constitution of the state of West Virginia, and the credit
or the taxing power of the state shall not be pledged therefor, but
such notes, revenue bonds, certificates or other evidences of
indebtedness shall be payable only from the revenue pledged
therefor as provided in this section.

The proceeds of any indebtedness issued hereunder shall be
paid into a special fund hereby created in the state treasury named
"The Fund for Redemption of Previous Liabilities". The governor
may make disbursements from this fund to pay the reasonable fees,
expenses and costs associated with the issuance of the indebtedness
authorized by this section, and such other disbursements as he deems necessary to redeem previous liabilities for the ordinary
expenses of the state.

There is hereby created in the state treasury a special fund
named the "Fiscal Responsibility Fund" into which shall be paid on
and after the first day of July, one thousand nine hundred
eighty-nine, the amounts as and when specified in section thirty,
article fifteen, chapter eleven of this code. All moneys deposited
in said fund are pledged to the repayment of principal and interest
on any notes, revenue bonds, certificates or other evidences of
indebtedness issued pursuant to this section. A lien on the fund
shall exist in favor of the holders of any notes, revenue bonds,
certificates or other evidences of indebtedness issued under this
section to the extent of such indebtedness. Any moneys not needed
for repayment of principal and interest on and costs associated
with the notes, revenue bonds, certificates or other evidences of
indebtedness authorized by this section may be used to repay
principal and interest on moneys previously transferred from the
occupational pneumoconiosis fund pursuant to section eight-a,
article four-b, chapter twenty-three of this code. Repayment to
the occupational pneumoconiosis fund, if any, shall be made into
the special account created in the state treasury by said section
eight-a. Any amounts remaining in the "Fiscal Responsibility Fund"
after provisions for repayment of indebtedness issued pursuant to
this section and not otherwise used for repayment of moneys
previously transferred from the occupational pneumoconiosis fund shall be transferred to the general revenue fund of this state on
or before the first day of August, one thousand nine hundred
ninety-two.